PARSIPPANY, N.J. — Gottesman Real Estate Partners has purchased 2 Cranberry Road, a 203,871-square-foot flex building in Parsippany from an affiliate of AVR Realty Co. for $19.05 million. The buyer assumed a $12.28 million first mortgage on the property. The facility was Gottesman’s first purchase under its new acquisition program. The two-story building offers flexibility to tenants with light industrial, warehouse, distribution, manufacturing or office needs. Six tenants — The Hammer Company, Ingersoll-Rand Security Technologies, Aviall Services, Tronex International, Diamondair USA and The Padded Wagon of New Jersey — occupy the property. Built into a gentle grade, the structure loads from all sides through 20 docks that access various models. The first floor contains a 22-foot ceiling, while the second floor features an 18-foot ceiling. Column space is 24-foot by 30-foot. Amenities include a ratio of 1.8 parking spaces per 1,000 square feet and usable outdoor balconies. The buyer plans to continue improvement of landscaping and visibility on behalf of the tenants. The building’s location offers access to interstates 80, 287 and 280, Route 46 and Highway 202. CB Richard Ellis’ Tri-State Regional Institutional Group was the sole broker in the transaction.
Mixed-Use
MIAMI — Adler Group is developing Airside International Business Park at Opa-locka Executive Airport in Miami. The approximately $200 million upgrade will include facilities and services to primarily aviation-related companies, including new build-to-suit office, industrial and retail space, hangers, hotel and parking. Opa-locka Executive Airport is owned by Miami-Dade County and is the largest of the five general regional airports in the county.
OMAHA, NEB. — Developers Dan and Sean Mulhall of Omaha have begun the development of Roanoke Business Park, a $30 million mixed-use development located at the intersection of 120th Street and Roanoke Boulevard in Omaha. The project will include 23 lots, all of which will be connected by walking paths that lead through the lots and around a 3-acre lake. Six or seven of the lots will be sold and developed for retail use, with the rest sold for office buildings. Three additional flex lots are located on the west side of 120th Street. The project will be applying for LEED certification, and will include a 30- to 40-foot green buffer around the development, in addition to the walking paths and lake. Construction has already begun on the first building, a 16,640-square-foot retail building. The building will contain 10 bays, all of which are facing the lake. In addition, Morrisey Engineering has acquired one of the 1.2-acre building sites for the construction of a 12,000-square-foot office building. Morrisey will occupy 8,000 square feet of space within the building, with the remainder occupied by an additional tenant. Omaha-based Investors Realty will be in charge of leasing and sales for the project.
NEW YORK CITY — Massey Knakal has brokered the $11.9 million sale of a 187-foot by 80- foot development site in downtown Brooklyn, New York City. Tyler Hospitality, which purchased the property from Nevins Realty, plans to build a hotel at the site. Located at 300 Schermerhorn, the site contains approximately 83,000 square feet of buildable space for a mixed-use development project, or 90,000 square feet for a community-use property. Brian Leary of Massey Knakal represented the seller in the transaction. In addition, Massey Knakal has brokered the $1.6 million sale of a three-story, mixed-use building in the Greenpoint neighborhood of Brooklyn, New York City. The 25-foot-wide property, located at 916 Manhattan Ave., features two large floor-thru apartments and a ground-floor retail unit with a backyard. The 4,750-square-foot property is underbuilt according to C4-3 zoning, allowing for 8,500 square feet of commercial space. The building was vacant when delivered to the buyer, Brooklyn investor Marek Swiatkowski. Massey Knakal represented the buyer and the seller, Thomas McGinn of Brooklyn, in the transaction.
MONTGOMERY COUNTY, TEXAS — A new urban village is being planned at the intersection of Interstate 45 and FM 3083/Carter Moore Parkway in Montgomery County. The 147-acre property, which is located midway between Lake Conroe and the Lone Star Executive Airport, will comprise retail, restaurants, offices, medical facilities, a hotel, luxury rental apartments and brownstone townhomes. Madeley Interests, the owner, has engaged Roger Galatas Interests as real estate advisor to create a land use plan and marketing strategy for the property.
FORT MYERS, FLA. — East Lansing, Mich.-based Strathmore Development Co. is developing Alico Lakes Village, a 300,000-square-foot mixed-use project in Fort Myers. The project will consist of approximately 200,000 square feet of retail, restaurant and office space, together with a 172-room Holiday Inn and a conference center. City Furniture and Ashley Furniture, which are the result of a sale/leaseback transaction, will anchor the project and will occupy 115,000 square feet. Alico Lakes Village will be located at Interstate 75 and the Alico Road interchange. Completion is slated for third quarter 2008.
NEW YORK CITY — Metro Supply has purchased a 57,500-square-foot flex building from a partnership that includes Cook and Krupa for $6.05 million. Located at 43-50 10th St. in the Long Island City neighborhood of Queens, New York City, the property includes 10,000 square feet of parking space. The property will continue to be used as a combination office and incubator building. The buyer plans to use the upper floors to house office tenants, while the lower floors will house smaller businesses moving into the area. Joseph Eliasoph of Sholom & Zuckerbrot Realty represented the buyer in the transaction, and John Ritter, Larry Smith and Frank Zuckerbrot, also of Sholom & Zuckerbrot, represented the seller.
FORT WORTH AND CROWLEY, TEXAS — Tabani Group has purchased two neighborhood shopping centers, Golden Beach Marketplace in Fort Worth and The Shoppes at Deer Creek in Crowley, from Weingarten Realty Investors. The 93,430-square-foot Golden Beach Marketplace is located at the southeast corner of Golden Triangle Boulevard and North Beach Street and is the only grocery-anchored shopping center serving the northeast Fort Worth suburb. Its other major tenants include Blockbuster Entertainment, Pizza Hut and Sonic. The 87,571-square-foot Shoppes at Deer Creek is located on the northwest corner of FM 1187 and FM 731/South Crowley Road. It is 85.3 percent leased to 15 tenants, including Blockbuster Entertainment, Nationwide Insurance, Planet Beach and Pizza Hut. Tom Salanty of the capital markets group of Cushman & Wakefield of Texas represented the seller in the transaction. The sale price was undisclosed.
CINCINNATI — Atlanta developers Carter and The Dawson Company have received approval from the city of Cincinnati and Hamilton County, Ohio, for the development of the $600 million Cincinnati Banks project. The development will consist of 2.8 million square feet of residential, office, hotel and retail space on 18 acres along the Ohio River in downtown Cincinnati. Construction of the first phase will begin in early 2008, which will consist of approximately 300 apartments and 70,000 square feet of retail. Completion of Phase I is expected in 2010.
SOMERVILLE, MASS. — Upland Capital Corp. has purchased 212 Elm Street, an office and retail building in Somerville, from Paradigm Properties for $19.6 million. The four-story, 66,217-square-foot building was 100 percent leased at the time of sale. Tenants include Arrowstreet, Inc., Citizens Bank, Tibco and Powderhouse Productions. Tad Lee and Leigh Freudenheim of Meredith & Grew procured the buyer in the transaction. Lee and Freudenheim will continue to market the property, and Paradigm Properties will continue to manage it.